CBN stops importing currency end-December
 

08.11.06

Charles Soludo, the Central Bank of Nigeria (CBN) governor has said that it would seize to import currency by the end of December this year.

Speaking on the on-going currency reforms, Soludo stated, "On currency reforms, we are on course. The reform, restructuring and repositioning of the Nigeria Minting and Security Printing Company (NMSPC) is on course. Physical structures are been transformed, equipment, new machinery are on the way and by March next year, the capacity would have risen to four billion notes per annum".

He continued, "by the end of December this year, we would not place order again for importation of currency. We would no longer place order for printing of Naira from abroad. The reform of the lower denomination of the Naira, N50 to N5 is on-going. With N50, N20 and N10 to be issued in polymer.